BuildingCenter, CaixaBank's real estate subsidiary, has selected Azora to take over the asset management of its entire portfolio of homes and other rental assets. Azora has become the leading manager of rental housing in Spain after winning this contract through a competitive tender.
The management contract, signed for an initial period of two years with the possibility of extension, will be taken over by Azzam Vivienda, Azora's subsidiary specialising in real estate asset management. This award involves the coordination and supervision of all participants involved in the management of the portfolio, as well as the execution of certain services related to asset management.
Azora will take over the asset management of Bankia's rental assets, following the Haya Real Estate transaction
As highlighted by CaixaBank in the award, in the future Azora will take over the asset management of the rental properties in Bankia's portfolio, which until now were managed by Haya Real Estate. This transition will take place once the recent acquisition of Haya Real Estate by Solvia-Intrum has been completed.
Azzam Vivienda is a real estate asset management company with more than 15 years of experience. It specialises in providing comprehensive residential management services to investment vehicles. Currently, Azzam Vivienda manages ten residential portfolios that include more than 12,000 homes located in more than 180 buildings throughout Spain.
Concha Osácar, founding partner of Azora, said: "The award of this major contract is undoubtedly a milestone for Azora because it is a recognition of our leadership in the market by such an important real estate player as CaixaBank, and demonstrates the confidence they place in our ability to manage rental housing in Spain".
